Philip Morris chief Jacek Olczak said: ‘When I say I’m leaving or not leaving, it’s completely irrelevant because I tried last year and the reality is I’m [stuck] with this whole thing’ © Leigh Vogel/Getty Images for Concordia Summit Philip Morris International has admitted it would “rather keep” its business in Russia than sell on stringent Kremlin terms, highlighting the challenges for companies trying to leave the country without taking a huge financial hit. Chief executive Jacek Olczak told the Financial Times the tobacco group, which sells Marlboro cigarettes outside the US, had been in discussions with at least three “serious” potential buyers but “the talks have stalled because nobody knows how I can make it work”. Many western companies vowed to exit Russia immediately after last year’s invasion of Ukraine , but less than 9 per cent of EU and G7 groups in the country had left by the end of December, according to research by the International Institute for Management Development, a business school. Olczak’s comments underscore the bureaucratic difficulties for companies now seeking to divest their Russian assets and the potential cost of giving up on the country’s market, a highly lucrative one for tobacco groups […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
